The world’s largest digital asset manager plans to launch three new funds: Grayscale Ethereum Futures ETF, Grayscale Global Bitcoin Composite ETF, and Grayscale Privacy ETF. 

In a May 9 announcement, the firm said it had established the Grayscale Funds Trust, set up as a Delaware statutory trust, which would allow it to independently manage 1940 Act products, in line with its ambitions to build out its ETF offerings.

“We are putting the necessary foundations in place so Grayscale can continue creating and managing regulated, future-forward products,” said CEO Michael Sonnenshein in a statement. 

Along with the creation of the new entity, the firm filed a registration statement for three new ETFs with the U.S. Securities and Exchange Commission (SEC), which rejected Grayscale’s proposal to convert its flagship fund GBTC into a spot Bitcoin ETF. 

According to Bloomberg Intelligence analyst James Seyffart, one of these ETF filings – the Bitcoin Composite ETF – is almost symbolic of an “outright attack on the SEC.” The fund will invest 40% in internationally listed Bitcoin ETFs and 60% in Bitcoin mining companies, similar to many existing blockchain-themed ETFs on the market.

The Ethereum Futures ETF will invest 100% of its funds under management in cash-settled futures, which is only offered by the Chicago Mercantile Exchange (CME). Seeing as the structure of this ETF mirrors existing Bitcoin Futures ETFs that have been approved, a denial from the SEC would likely force the regulator into explaining why it views Ethereum in a different light to Bitcoin.

Grayscale also filed for a Privacy ETF, which will invest 10% in Grayscale’s ZCash Trust. The remaining funds will be allocated to relatively liquid listed companies, with a market cap of at least $250 million, that confirm to the overall “privacy theme.”

These new announcements from Grayscale come amid growing uncertainty around its parent company Digital Currency Group (DCG), specifically, whether the firm can repay a $630 million debt obligation due this week.